A new
$3 trillion stimulus package unveiled by House Democrats is designed to help Americans still out of work due to the economic shutdown brought about to fight the spread of the
coronavirus.
Another round of stimulus payments for nearly everyone. Most Americans would receive $1,200 checks ($2,400 for a married couple), plus $1,200 for each child up to a maximum of $6,000 per household. As in the first round, the payments start phasing out at $75,000 of modified adjusted gross income for individuals and $150,000 for couples filing jointly.
The payments would not be adjusted for
regional cost-of-living differences.
***In addition, dependents over the age of 17, including full-time students below age 24, retroactively would be eligible for $500 payments from the original stimulus bill that they previously could not get.
Expanded unemployment payments. The extra $600 a week in federal unemployment insurance, now planned to expire July 31, would continue through Jan. 31, 2021. Individuals still receiving state unemployment benefits after then would get the extra $600 through March 31.
For those whose state benefits run out but were still unemployed, the federal government would provide 13 more weeks of unemployment insurance benefits through March 31, 2021.
Income tax break on state and local taxes. The legislation would suspend for two years the
$10,000 cap on deducting state and local income, property and sales taxes, which Trump and congressional Republicans put in their
2017 tax law.
Small businesses. The Economic Injury Disaster Loan program would get another $10 billion to provide emergency grants to small businesses.
Nutrition assistance. The Supplemental Nutrition Assistance Program, formerly food stamps, would receive $10 billion; the Women, Infants and Children program would get $1.1 billion; and child nutrition programs would get $3 billion. The bill also contains $150 million to help local food banks.
This won’t be the final legislation that reaches the president’s desk, but is the opening round of negotiations among the White House, House Democrats and Senate Republicans.
So far, both President Donald Trump and Senate Majority Leader Mitch McConnell, R-Ky., have been reticent to support more aid to state and local governments and more financial assistance to the unemployed.
New stimulus checks coming soon? Here’s what House Democrats’ plan would mean to you.